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Money and Banking: What Everyone Should Know | [The Great Courses]

Money and Banking: What Everyone Should Know

Money and finance play a deeply fundamental role in your life. Now, let an expert professor lead you in a panoramic exploration of our monetary and financial systems, their inner workings, and their crucial role and presence in your world. As a guiding theme of these 36 content-rich lectures, you observe the ways in which economies require efficient and evolving financial institutions and markets to fulfill their potential.
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Publisher's Summary

Money and finance play a deeply fundamental role in your life. Now, let an expert professor lead you in a panoramic exploration of our monetary and financial systems, their inner workings, and their crucial role and presence in your world.

As a guiding theme of these 36 content-rich lectures, you observe the ways in which economies require efficient and evolving financial institutions and markets to fulfill their potential. In building a full view of our financial system, you delve into these and other vital subjects: central banks, commercial banks, and the Federal Reserve; interest rates and interest rate policy; bonds and stock markets; and foreign exchange and international banking.

Across the arc of this lecture series, you'll tackle key topics that shed light on the functioning of our financial system as a whole. You study the critical subject of inflation and its relationship to the consumer price index and to excess money growth. You'll investigate the causes and implications of the federal deficit and the national debt. In the international arena, you'll learn about the implications of trade deficits in global economic relationships and the question of monetary policy coordination between nations, weighing the significant benefits to the global economy of cooperation between central banks.

This is a rare chance to gain a grounded understanding of our monetary and financial systems, and to grasp the vital elements of finance that directly affect our way of life, our national concerns, and your own life and future.

Disclaimer: Please note that this recording may include references to supplemental texts or print references that are not essential to the program and not supplied with your purchase.

©2012 The Teaching Company, LLC (P)2012 The Great Courses

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  •  
    LongerILiveLessIKnow Pennsylvania 01-14-14
    LongerILiveLessIKnow Pennsylvania 01-14-14 Member Since 2012
    HELPFUL VOTES
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    "Bank mysteries only somewhat less mysterious"

    I listened to this to help me gain a deeper understanding of what the hell it is that the Fed and other central bankers do. It helped somewhat. Salemi’s explanations are clear and he’s unbiased in his presentation (unlike, say, Ron Paul’s End the Fed). The topics cover more territory than just central banking. Here are the lecture titles to help you know what the course covers:

    1. The Importance of Money
    2. Money as a Social Contract
    3. How Is Money Created?
    4. Monetary History of the United States
    5. Local Currencies and Nonstandard Banks
    6. How Inflation Erodes the Value of Money
    7. Hyperinflation Is the Repudiation of Money
    8. Saving—The Source of Funds for Investment
    9. The Real Rate of Interest
    10. Financial Intermediaries
    11. Commercial Banks
    12. Central Banks
    13. Present Value
    14. Probability, Expected Value, and Uncertainty
    15. Risk and Risk Aversion
    16. An Introduction to Bond Markets
    17. Bond Prices and Yields
    18. How Economic Forces Affect Interest Rates
    19. Why Interest Rates Move Together
    20. The Term Structure of Interest Rates
    21. Introduction to the Stock Market
    22. Stock Price Fundamentals
    23. Stock Market Bubbles and Irrational Exuberance
    24. Derivative Securities
    25. Asymmetric Information
    26. Regulation of Financial Firms
    27. Subprime Mortgage Crisis and Reregulation
    28. Interest Rate Policy at the Fed and ECB
    29. The Objectives of Monetary Policy
    30. Should Central Banks Follow a Policy Rule?
    31. Extraordinary Tools for Extraordinary Times
    32. Central Bank Independence
    33. The Foreign Exchange Value of the Dollar
    34. Exchange Rates and International Banking
    35. Monetary Policy Coordination
    36. Challenges for the Future

    For what it’s worth, I had a really hard time finishing this, taking almost four months. I’m generally not a fan of the Great Courses (I listened to two others on cybersecurity and critical decision-making). The courses seem to share the same strength: organization/conceptual clarity in surveying the various topics you might expect to find under the topic’s umbrella. But they also share the same weakness, i.e., a certain superficial quality. I did not think that Salemi dumbed down the lectures as I felt with the other Great Courses. But, IMHO, he did not linger long enough on some difficult issues.

    Also, you should know that this lecture series comes from a video. Salemi references many graphs, charts, and formulas that you obviously can’t see. In some cases (e.g., the explanations of several formulas), the absent visuals made the lecture quite hard to follow.

    Salemi, while an excellent lecturer, is one of the slowest speakers you’ll find on Audible. At 2x speed, he sounded like a normal lecturer.

    All in all, while I’d recommend passing, I’m not sure what book out there is better as a survey of these topics.

    15 of 15 people found this review helpful
  •  
    Sean GILBERT, AZ, United States 01-11-14
    Sean GILBERT, AZ, United States 01-11-14 Member Since 2012
    HELPFUL VOTES
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    "Desperately needs the study guide to understand"
    Would you say that listening to this book was time well-spent? Why or why not?

    Although the conceptual portions of the course were easily understood, much of this course cannot be retained or understood without the study guide. When the speaker goes into great detail of equations and charts, it is impossible to follow while driving or just listening.


    What was most disappointing about The Great Courses’s story?

    Only about a third of this course was understandable/useable without the study guide.


    Any additional comments?

    Until Audible gets the rights to allow you to download the study guide, I would not recommend this course. Too much valuable information is lost without it.

    11 of 11 people found this review helpful
  •  
    PHIL San Diego, CA, United States 07-15-13
    PHIL San Diego, CA, United States 07-15-13 Member Since 2011
    HELPFUL VOTES
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    "The fundamentals, skipping the hype and trickery"

    This lecture series does what academics do best for me (full disclosure, I am one): based on much painstaking background work (invisible to the listener), the professor puts together plain, clear explanations, and a map, in effect, of what the parts are, how they work, and why they are this way. (Thus some parts may be obvious to the listener, but the overall content is very good.) Meanwhile, the technical terminology is built right in.
    A critical point is, the professor does not have an axe to grind, a hidden agenda. I have heard and read countless explanations since 2008 of banking, finance, Great Recession, the history, etc., from politicians, authors, news, etc., in which (1) the fundamental concepts are not made clear, and (2) the speaker/writer starts right in with a biased, often emotion-laden, simplistic "explanation" designed merely to manipulate the listener, mostly because there is a hidden interest somewhere: getting election/power, selling splashy books, etc. The listener can come away "feeling smart," and perhaps in a suitable emotive huff of anger at the supposed "bad guys," without ever learning a reasonable amount about the underlying business / topic. THIS audio is the antidote. To paraphrase Hendrix: learn before you burn.
    The prof uses generally smaller words, and speaks in a slower cadence, than some others, which I appreciate, as this fits well with listening while doing another activity like driving, or my endless hikes (sometimes while reacting to traffic, etc.). I am able to mix all this together and come out with good comprehension, without a lot of rewinds.

    20 of 21 people found this review helpful
  •  
    Howard Grove City, PA, United States 11-15-13
    Howard Grove City, PA, United States 11-15-13 Member Since 2011
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    "Good info but listening not enough. Need visuals"

    I bought this course after having listened to or read a number of books on economics. I have been trying to find the person who has some idea of what we should expect in the future. A fool's errand? Not as much as one may think!
    The course is about as comprehensive on the subject as a reasonable person could expect. He begins with the basics: what money is, and then proceeds gradually to the point where one cannot keep up without being able to look at the visual aids he refers to. Beware, this is a deeper subject than you may have thought.
    My only real criticism is that when he mentions the sub-prime mortgage collapse he seems to be obtuse about what the prime mover of the fiasco was, namely government pressure to lend money to folks who could not afford it. He mentions this not at all. He gives no mention to what I saw on a firsthand basis: Persons who became mortgage brokers almost overnight during the early 2000s, who had money to loan to anyone. "If you know someone who wants to buy a house, send them to me. I have people who want to lend money!" they spouted cheerfully. I thought it peculiar at the time but after the collapse came I learned that most of the badly written mortgages were sold to Fannie Mae and Freddie Mac, quasi-government organizations who took any and all paper off the hands of these unscrupulous agents. These ubiquitous brokers generated mortgages solely for the fees they could charge, only to unload the risk on the taxpayers via Freddie and Fannie. To neglect this aspect of the collapse is hardly commendable. It leaves the student uninformed of something very important. Is there a political allegiance here? I wonder.
    Nonetheless, he redeems himself at the end where he states flatly that without a policy change a crisis IS coming. He does not elaborate but seems to assume that his listener now has enough information to reach that conclusion on their own. I guess that's so. This prof. is one of many economic gurus who see trouble on the horizon.
    What everyone should know? Indeed!

    5 of 7 people found this review helpful
  •  
    Michael Sydney, Australia 06-18-14
    Michael Sydney, Australia 06-18-14 Member Since 2007

    Classics, history, historical fiction, marketing, Napoleonic stuff and of course 'Boys own Adventure'. This is my bent. Occasional self help as well.

    HELPFUL VOTES
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    "Money Makes the World Go Round"

    Professor Michael Salemi has convinced me that the banking system is important, in fact you could say has created the modern world however I don't think I am any wiser on how it all works. Based on the US system he does touch on Europe and a little on Asia. He isn't the best narrator but he does know his stuff and comes across as honest and real.

    0 of 0 people found this review helpful
  •  
    Michael Lamkin Tomball, TX USA 06-15-14
    Michael Lamkin Tomball, TX USA 06-15-14 Member Since 2011

    Mike_near_Houston

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    "Yawn. . ."
    Would you try another book from The Great Courses and/or Professor Michael K. Salemi?

    Not if he is the reader/presenter. I'll bet his students struggle to stay awake in the classroom. The material he presents is valuable, albeit not particularly new or unique, but his presentation is sorely lacking


    Would you ever listen to anything by The Great Courses again?

    Yes. Great concept.


    How did the narrator detract from the book?

    See the headline for my review. . .


    0 of 0 people found this review helpful
  •  
    Jeongsup 05-04-14
    Jeongsup 05-04-14
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    "Full of content and insight"
    Would you consider the audio edition of Money and Banking: What Everyone Should Know to be better than the print version?

    This IS the audio edition - and by extension yes i would.


    Was this a book you wanted to listen to all in one sitting?

    Well, yes, but given the length of the lecture that would be very challenging thing to accomplish ;P


    0 of 0 people found this review helpful
  •  
    05-03-14
    05-03-14 Member Since 2008
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    "Great COurse"

    I have thoroughly enjoyed this course. I have listened to it every morning whilst I drive to work and over the period of a few weeks feel as if I now understand some fundamentals of economics that have alluded me to date. I come from the East End of London, and back in the day when I went to school we were never taught any of this type of information. I run a business which nowadays is no mean feat. CEOs have to understand complex and demanding information. The learning never stops. These courses are really helpful and this particular course is easy to really one of the best I have listened to. The lecturer is a consummate communicator and I am pleased I have invested my time in listening to this course.

    0 of 0 people found this review helpful
  •  
    David Canada 04-02-14
    David Canada 04-02-14 Member Since 2011
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    "Truly a Great Course from 'The Great Courses'"
    Where does Money and Banking: What Everyone Should Know rank among all the audiobooks you’ve listened to so far?

    I listen almost exclusively to non-fiction, expository works. This Course ranks quite high in quality, listenability and interest, in spite of being about Economics.


    What was one of the most memorable moments of Money and Banking: What Everyone Should Know?

    I think the most memorable thing is the speaking ability of Professor Salemi - he is able, through voice and inflection alone, to convey his powerful interest in his subject, and this makes the listener eager to hear what he has to say.


    Which scene was your favorite?

    Not applicable.


    Was there a moment in the book that particularly moved you?

    Not applicable.


    Any additional comments?

    None.

    0 of 0 people found this review helpful
  •  
    Amazon Customer Webster, NY, United States 10-23-13
    Amazon Customer Webster, NY, United States 10-23-13 Member Since 2006
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    "Excellent"

    Perhaps I should say "excellent" as long as you are interested in a lot of depth. I was and found it absolutely fascinating.

    1 of 2 people found this review helpful
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